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Income Tax Return Audit in Thane, Mumbai
Underneath Section 44AB Income-tax Act: Income-tax Audit
Tax Audit is compulsory under section 44AB of the Income Tax Act, 1961. Every Person carrying on business or Profession whose Gross receipts exceeds Rs. 5 crores (some conditions are attached) has to get his accounts Audited by Chartered Accountants obligatorily.
Bashmakh & Co features a huge community of capable CA’s & pros supplying thorough taxation auditing services made specifically to comply 44AB of the Income Tax Act, 1961.
Required Documents for ITR Audit
1. AADHAR CARD
2. PAN CARD
3. MOBILE Phone Number
4. EMAIL ID
5. BANK STATEMENT FOR PARTICULAR FINANCIAL YEAR
6. DIGITAL SIGNATURE CERTIFICATE (IF REQUAIRED)
7. OTHERS ( As case may be)
FAQs
Tax audit report is an examination of an individual’s or organization’s tax returns by any outside agency to verify that all the income, expenditure and deduction information are filed correctly. The audit report is given as per format available in the form numbers 3CA/3CB and 3CD.
Sec 44AB gives the provisions relating to the class of taxpayers who are required to get their accounts audited by a chartered accountant. The audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law
What is the objective of tax audit?
There are many objectives of a tax audit such as
a) Tax audits are conducted to facilitate the administration of tax laws by presenting the accounts properly in front of authorities.
b) Proper maintenance of the book of accounts
c) To get a proper record about the income of the taxpayers as well as their tax deductions.
d) Tax audits is saving verification time. Tax Audits help save time that is taken during routine verification, which is an even more tedious procedure than auditing.
What are Form. 3CA/ 3CB And 3CD?
3CA-3CD: Tax Audit Report in the case of a taxpayer having business or profession income who is mandatorily required to get accounts audited under any other Act (other than Income Tax Act) For example : companies
What are the penalty for not getting the accounts audited as required by section 44Ab
Assessing Officer may impose penalty u/s 271B if the taxpayer doesn’t get his accounts audited or file the audit report. A minimum penalty can be 0.5% of the total sales, turnover or gross receipts, which can go up to Rs. 1,50,000. However, if the taxpayer gives reasonable cause for non-compliance, no penalty will be imposed.
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Contact (+91) 8779526602 for advice
Contact (+91) 8779526602 for advice
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